Advice - Barclays Generic Bond

Discussion in 'Finance, Property, Law' started by Adjutant, Jul 18, 2012.

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  1. I have a bond with Barclays which matures in 2016.

    Long story short, I really need the funds (£11K) to pay for Solicitors' conveyancing fees. I have written to them but they are sticking to their guns and won't release.

    Grateful for any advice on how I might persuade them that they would be doing me a really big - and important favour. Or could I 'sell' it?

    Thanks,

    Adjt
     
  2. If it is a Structured Deposit, only way out is to die, otherwise you will have to wait until maturity, this was clear on the contract you signed. Barclays, being the nice people they are, will probably allow you to borrow against it as, normally, the capital is guaranteed, up to 50%.

    Otherwise if it is a Structured Note (check you paperwork) there may be a secondary market, but you will probably lose capital. If you were not aware of the tie ins (i.e. did not read what you were signing) you may have a case with the Ombud, but having seen the paperwork, this is unkikely.
     
  3. If it is a fixed yearly you cannot touch it unless .

    7. What happens if you die or become bankrupt
    7.1 If you die and hold the Bond in your sole name then, unless you are a trustee, we will repay the amount of the Bond deposit and any interest that has accrued, without notice or loss of interest. We will do this when we receive the necessary legal documents to confirm the death and to confirm the authority of your representatives. Alternatively, your representatives can ask us to retain the Bond until maturity. If more than one of you hold the Bond in joint names, and one of you dies, the other(s) may choose to transfer the Bond to their sole name(s) for the remaining term or they may ask us to repay the Bond deposit and accrued interest without notice or loss of interest. If a replacement Bond is opened in your sole name by your representatives following your death, that Bond will not qualify as a QTD (as defined in Condition 5) even if it meets the criteria for a QTD in all other respects.
    7.2 If you become bankrupt then, unless you are a trustee, we will repay the amount of the Bond deposit and any interest that has accrued, without notice or loss of interest. We will do this when we receive the necessary legal documents to confirm the bankruptcy and to confirm the authority of the person administering your estate. Alternatively, that person can ask us to retain the Bond until maturity. If you hold the Bond jointly with others, we will require their instructions as well as the instructions of the person administering your estate.

    Also remember that you must contact them within someting like 2 weeks of the Bond maturing to allow you to tell them what to do with you cash. If not they will stick it in another bond for you regardless of the rates at the time.
     
  4. Also

    1.5 You may not transfer the ownership of your Bond to anyone else and neither may you use your Bond as security for any borrowing